Overview

• iHeartMedia Q3 revenue down 1.1% (Excluding Q3 Political Revenue, Q3 Revenue up 2.8%), beats analyst expectations

• Adjusted EBITDA for Q3 beats consensus, remaining flat year-over-year

• Company reports GAAP operating loss due to $209 mln non-cash impairment charges

Outlook

• iHeartMedia expects Q4 consolidated revenue to decline low-single digits

• Q4 Consolidated Revenue excluding the impact of Political expected to increase in the mid-single digits

• iHeartMedia projects Q4 Adjusted EBITDA between $200 mln and $240 mln

Result Drivers

• DIGITAL AUDIO GROWTH - Digital Audio Group revenue up 13.5% driven by increased demand for digital and podcast advertising

• MULTIPLATFORM DECLINE - Multiplatform Group revenue down 4.6% due to lower political revenues and decreased broadcast advertising

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the broadcasting peer group is "buy."

• Wall Street's median 12-month price target for iHeartMedia Inc is $2.13, about 117.9% below its November 7 closing price of $4.63

Press Release: ID:nBw87BY5Xa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)